Debt levels rise after festive spend
MORE and more people in Weston are getting into debt. The town's Citizens Advice Bureau (CAB) is seeing an increasing number of people each year with spiralling financial problems. In January, 46 per cent of all new issues brought to CAB staff were about
MORE and more people in Weston are getting into debt. The town's Citizens Advice Bureau (CAB) is seeing an increasing number of people each year with spiralling financial problems.In January, 46 per cent of all new issues brought to CAB staff were about debt.Spokeswoman Wendy Fletcher said: "We've been very busy. The number of people we are seeing about debt problems is higher than normal and it's increasing each year."It's normally due to store and credit cards and consolidation loans, where people take out a loan to cover all their store and credit cards, but still use their cards."The most common cause of debt is due to a change in circumstances. People take out loans or spend on credit cards and can maintain that level of debt, but then they may become ill or lose their jobs."The CAB has a few tips for anyone still struggling with their finances after the festive period:* Be wary of consolidating your debts, get advice and do not put your home unnecessarily at risk.* Plan to build up an emergency savings fund.* Be wary of low interest credit card transfers. Check the terms and conditions carefully.* Check that you are not missing out on money that you should be getting in benefits or tax credits, tax rebates or allowances. The CAB can help check this for you.* If you are struggling with debt, then seek advice as soon as possible. Anyone interested in free, confidential advice can visit the CAB at The Badger Centre in Wadham Street, Weston.